I have to say there is a FLURRY of activity out there with buyers scrambling to secure a contract in the next week for their FHA seller assisted Down Payment Assistance (DPA or DAP.)
I have been behind with getting my market reports out for this month due to it!
We are seeing multiple offers on below market priced listings and that has transferred to multiple offers on listings that are priced a little higher than what the market (and quite possibly an appraisal) can bear.
These buyers need to be in contract ASAP and signed, funded and recorded by Sept 30.
Can I go out on a limb with my crystal ball and say that September 2008 may be one of the best months (for units sold) in the Las Vegas Valley?
The conspiratorial side of me can't help but wonder if banks lobbied the DPA decision in the bill because they need to get rid of some inventory.
Things that make you say............HMMMMMMMMMMMMMMMMMMMMMMM
I feel better now, back to work :)
Renee, looks as if things are really popping in your market - that is very encouraging.
You know Renee, there may some truth in your observation on Banks, inventory and DPA. It's lit a fire and a call to action for sure.
Tim and Pam: It is beyond busy!
Craig: My head is ready to explode. I don't know why I am here on active rain right now because I am tired of the long days/no days off!
Hmmm is right. I am so glad you are busy. That is such a good sign
Renee,
Thanks for the post. We are seeing the increase in activity as well. Hopefully, post October the Maxine Waters Bill will help to extend this option.
Renee - sounds like a good situation to be in, as long as the decisions are sound, appraisals work, etc. I understand there is increasingly a push to get inventory off the books by year end. Some evidence of that here and there. In terms of your HMMMM, I guess I say HMMMM.
Jeff
All I'm going to say about these banks is.....NO COMMENT!
Renee - we are seeing the same thing. I shudder to think what October/November are going to be like though - unless of course the DPA programs figure out a way to make the new $7500 loan credit work through their systems...
Pat: Thanks :)
William: The conspiracy side of me sees it coming back :)
Jeff: All together now, HMMMMMMMMMMMM
Neal: LOL I almost didn't write because I was wondering if I should :-x
Christina: Oh boy another HMMMMMMMMMMM: you may be on to something there! I personally think if a renter can come up with Security, First Month, Cleaning, Application, Key, Pet Deposits what really is another 1/2 to 1 percent? Especially with resale prices this low and a pressured rental market in my area + demanding landlords, it all still makes sense in most cases to make it happen even minus DPA.
Renee... interesting in regards to the conspiracy angle. But in all honesty, I think the gov't is to stupid to even think about it. With an election coming up, I just think that they aren't using common sense to tell people that they are trying to help correct the market.
Now, in regards to the DPA's..... glad that it's making business pop. Mine hasn't increased anything differently because of this. But I am focusing on helping Nehemiah and others to turn around the decision by congress. In fact, I have been asked by Nehemiah to go down on the 9th of September, because there is a big rally on the 10th with some major speakers. They want me to put a group together, to see if we can make some noise the day before. Almost on a national level... so now I find myself in the limelight of things.... which is kind of cool. Good expsoure, right?
In any case, conspiracy or not, I truly believe that this will be overturned ... but there will be some new guidelines to this... but hey, I am okay with this... FYI... I will also be licensed in NV by Thanksgiving... ;o)
Renee - We were going to purchase a home or condo before Sept 30th, but we are holding back for now. Thank you for the heads up and I like the post!
Jeff: True that re: government being too stupid. Keep us informed in regards to the rally too! Ken Cook had another theory about DPA on his blog today. You need to check it out!
Robert: Good planning. There is also a GLVAR 10% off "sale" for participating sellers mid October. The market bears a little watching for that too!